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2013 (12) TMI 843 - MADRAS HIGH COURTRevision u/s 263 - Challenge to the power of CIT on the ground that when the block assessment itself was made only after the approval of the Commissioner of Income Tax as required under Chapter XIV-B, the self-same authority could not assume authority once again even as against the assessment years 1995-96 and 1996-97 on issues which were already subject matter of consideration in the block assessment. - Held that:- the transactions were reflected in the books of accounts and they were all genuine transactions and that the order of the Tribunal on the block assessment appeal having become final, the sole reliance on the findings in the block assessment thus not being available to the Revenue, on merits, we have no hesitation in holding that the Tribunal had committed serious error in not considering the facts in a proper perspective. It is rather ironical that the Tribunal ignored the findings of its own order in the block assessment appeal, which clearly points out to the genuineness of the transactions and the disclosure of the transactions in the books of accounts and consequently on the sustainability of the claim on the depreciation, which was also the subject matter of consideration in the block assessment. There is no material at all for the Commissioner of Income Tax to exercise his jurisdiction under Section 263 of the Income Tax Act to deny the assessee on the deduction as well as on the depreciation claim considered by the Assessing Officer in the assessment relating to the assessment years 1995-96 and 1996-97. - Decided in favor of assessee.
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